Pakistan’s export sector has experienced a remarkable rise since the start of the current fiscal year, driven by the facilitation provided by the Special Investment Facilitation Council (SIFC). The export figures indicate positive growth in several key markets, showcasing Pakistan’s expanding trade relations.
Exports to Key Markets Witness Steady Growth
In July 2024, Pakistan’s exports to the United States amounted to $476.017 million, marking a 7.26% increase compared to the same period last year. The United Arab Emirates also saw a notable rise in trade, with exports increasing by 7.74%.
Strong Export Performance in Britain and China
The United Kingdom and China remain important trade partners for Pakistan, with exports to these nations recorded at $183.303 million and $160.100 million, respectively. This steady growth reflects the country’s strong trade links and expanding market reach in both regions.
Expanding Trade Across Europe and the Middle East
Pakistan’s export volume to countries like Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey collectively reached $553.951 million. This widespread growth highlights Pakistan’s increasing presence in European and Middle Eastern markets, contributing to the country’s overall economic stability.
Pakistan’s Foreign Exchange Reserves Show Strength
On the financial side, Pakistan’s total foreign exchange reserves stood at $14.79 billion as of September 6, 2024, according to the State Bank of Pakistan (SBP). The central bank’s reserves increased by $30 million, bringing the total to $9.46 billion, while commercial banks held $5.32 billion.
This rise in reserves further strengthens Pakistan’s financial position as the country continues to enhance its export portfolio with the help of strategic initiatives like the SIFC
